Chevron Fails in U.S. Court Bid for Order to Restrain Ecuadorean Assets

[Judi Lynn]

Chevron Fails in U.S. Court Bid for Order to Restrain Ecuadorean Assets
QBy Patricia Hurtado - Jan 6, 2012 12:47 PM CT

Chevron Corp. (CVX)’s bid to protect its assets that could be seized as part of an $18 billion environmental damages verdict against the company in Ecuador was denied by a U.S. judge, who said the request could be renewed at a later date.

Chevron, the second-largest U.S. oil company, had asked U.S. District Judge Lewis Kaplan in New York to block the collection of the judgment and the “dissipating” of any proceeds pending resolution of the company’s racketeering lawsuit alleging that the plaintiffs engaged in fraud to win the Ecuadorean judgment. The company sought to “temporarily ensure the availability” of all assets while the U.S. case proceeds.

“Chevron has made no effort to quantify the damages it alleged has been sustained to date, let alone to support any damage claim with evidence,” Kaplan said in his ruling today.

Chevron was ordered on Feb. 14 to pay as much as $18 billion in compensatory and punitive damages for Texaco Inc.’s alleged dumping of toxic drilling wastes in the Ecuadorean jungle from 1964 to about 1992. The ruling came in an 18-year-old lawsuit decided by a judge in Lago Agrio, a provincial capital near the Colombian border.

More:
http://www.bloomberg.com/news/2012-01-06/chevron-fails-in-u-s-court-bid-to-restrain-ecuadorean-assets.html

[EFerrari]

1. Merry Christmas, world.

[BenYehuda]

2. ..this will be a true test of law....America PRIDES itself on followign the law....let's see how thi

...illegal wars, a President who stole two elections, etc etc...

I am sure Chevron and all their Oil cronies are working overtime to get this nipped in the bud...

...should be interesting...as its a Sovereign State vs......sorta like the Union Carbide disaster....